Simmons, Bannister And Greaves

TIMELINE 1991-1992

The agreement to sell to SBG was signed by all shareholders except
Marjorie Knox in January of 1992. Marjorie Knox refused to sign based on
her own determination and legal advice available at the time.

In September of 1992 the board, of which she was a member, purported to
have met (unknown to her) and decided to call an extra ordinary meeting of
share holders to get a two thirds majority to transfer all of the assets of
KEL to a company called Latitude Golf Development Ltd. She registered her
dissent. The Chairman, Mr. Errie Deane explained at the extra ordinary
meeting that an error had been made and the shareholders could not pass
such a resolution but it would be for the new shareholders, SBG who had
instructed it be done.

In February of 1993 Marjorie Knox signed the SBG agreement based on legal
advice as she could not have hoped to overcome the will of the new
shareholders to remove the assets from KEL and would have been in the same
position financially as if she had signed.

The principals of S.B.G. included David Simmons (of the Barbados Labour Party, then in opposition, subsequently Attorney General, now Chief Justice), Peter Simmons (former High Commissioner to Britain), Glyne Bannister and Philip Greaves (of the Democratic Labour Party, in power at the time, then Deputy Prime Minister and Minister of Transport).

Mr. David Simmons advised in writing that he was confident that the approvals being sought would be obtained.

In 1992 the Cabinet of Barbados approved an application for a 2,400 acre golf course development which included all of the plantation lands of Kingsland.

S.B.G. failed to complete the transaction and forfeited their deposit.